The Agenda: Wrangling Over Tax Cuts, Euro Zone Debt

Senate Minority Leader Mitch McConnell (R-KY) (R) speaks to a member of the media after U.S. President Barack Obama hosted a meeting at the Blair House.
(Getty Images/Getty)

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Washington is really focused on what's going on in the congress because of the economy...what they're really focused on getting this tax debate done is that there's a whole bunch of stuff blocked up behind it: DADT, immigration, the Dream Act, the START treaty with Russia, which has ancillary effects on Iran...

Will we or will we not see an extension to the Bush-era tax cuts? That is what we’re all waiting to see play out this week. Democrats want to return to Clinton-era taxes on the wealthy, and Republicans are holding out for preserving the status quo. But President Obama and Democrats may be backing off on their stance, as a compromise looks like it could be in the works. The Bush-era cuts would be temporarily extended to everyone, rich and poor, for two years...if unemployment benefits are extended as well.

Todd Zwillich, The Takeaway’s Washington correspondent, has the latest from Capitol Hill. Also, as we look ahead, finance ministers from the Euro zone are set to meet today to try and fix the debt crisis there. Charlie Herman, economics editor for The Takeaway and WNYC Radio, looks at what the implications of the crisis in Europe: if something similar happened in the U.S., and one state was unable to pay its bills, what would happen?

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Comments [5]

dbmetzger
from upper west side

Obama Announces Bipartisan Pact on Taxes US President Barack Obama has announced a bipartisan agreement on year-end legislation to extend expiring tax cuts and renew jobless benefits. The announcement comes as part of a sweeping attempt to strengthen the US' economic recovery. http://www.newslook.com/videos/272137-obama-announces-bipartisan-pact-on-taxes?autoplay=true

Now, 2 months later they are set to increase the deficit and increase the governments debt ceiling just so they can give themselves and their rich pals more money. This isn't what Americans voted for.

4. Tax cut for small businesses.

A small business bill was blocked for weeks by a republican filibuster in the Senate.

5. Tax cut for job creation.

(a). There is no evidence that the tax cuts created even a single job. Back when Bush was pushing his tax cut packages through Congress in 2001 and 2003, supporters said the cuts (which weren't balanced with spending reductions) would initiate an era in which the American economy would grow so robustly the nation would be running a surplus of more than $5 trillion at the scheduled expiration date. U.S. now runs a deficit of about $1.3 trillion. In fact, the available evidence is the exact opposite: Former President Bill Clinton left a record surplus and created 20 million jobs, despite the warning of potential economic disaster over tax increase for the wealthiest.

(b). Your Waterloo = our windfall. Even when the economy was on the cusp of entire collapse just like Lehman Brothers ahead of the roll-out of stimulus package, it was held hostage by Audacity of Nope, and the time was running out. Power first then said : Nope ! How do we pay for it ?, Just let it go under exactly like Lehman Brothers.

6. The GOP along with Big Business bought this past midterm election. The structure that the last champion is authorized to pick the next match winner .

The ruling that allowed Corporate money to back Political Candidates destroyed the very fabric of the Elections and Americans are paying dearly for it. The incessant barrage of negative campaign ads drove most Americans towards something they knew nothing about, the Republican­/Corporate take-over of the US. Millions upon millions were spent to defeat certain Democrats.

7. From my perspective, Communism & extreme Capitalism have one thing in common : Power First, Corruption at the cost of people !

1. First attempt : threatening Social Security and Medicare Cut through the deficit panel.

2. Second attempt : holding the desperate Hostage, say, the Ransom. How long will it take for Obama to learn that we think compromise is a synonym for unconditional surrender, or another Bush-era?

** The deal based on the outright lies and supportive Dead Media will lead to another Bush-era & irreversible RECESSION.

1. The reps uses the recession as an excuse for tax cuts for the wealthy.

THIS IS A MIDDLE CLASS RECESSION.

2. The Republican Senate minority leader has been arguing that the outcome of the midterm elections confers a mandate on Congress to extend the Bush-era tax cuts. "There's bipartisan opposition to raising taxes on anyone at this time."

(a). Only 34 percent of Americans believe that tax cuts ought to be extended for those households making more than $250000 a year, according to a new CNN poll.

(b). A recent CBS News poll indicated that Only 26 percent indicated they support extending the tax cuts for all Americans regardless of income level

(c). In the AP-CNBC poll, 34 percent favor extending the tax cuts for all Americans.